Mutual+Assent+Problems+Review.l  Florida Coastal School of Law CONTRACTS 1

MUTUAL ASSENT REVIEW
Problem 2-1
• Representatives from Super Comics have negotiated the
essential terms of a proposed contract with JayRan. The
contract will license JayRan to make lunchboxes and similar
items that carry the image of certain Super Comics characters.
Parties agreed on the length of the license, the rate of royalty
payments, termination clause, etc. You as general counsel for
Super Comics drafted the agreement and mailed four copies
to JayRan with a note that JayRan should sign all four and
return them to be signed by Super Comics president. Three
days have passed since you mailed the documents. Now,
Super Comics would like to make a deal with another party
instead of JayRan and you need to give advice on whether
Super Comics has a contractual obligation to JayRan. Where
does the transaction now stand?